Oneconnect Financial Technology Co Ltd - OCFT STOCK NEWS

OneConnect Financial Technology Co. has received the prestigious 2021 Wu Wenjun AI Science and Technology Progress Award for its AI Open Innovation Platform for Inclusive Finance. This accolade highlights OneConnect's role as a leader in AI innovation within China's financial services sector. Launched in 2019, the platform aims to enhance financial service efficiency and accessibility through advanced technologies. The company has also made significant strides in R&D, submitting 5,652 global patent applications as of December 31, 2021, strengthening its competitive edge in the market.

On January 9, 2022, OneConnect Financial Technology (NYSE: OCFT) announced a strategic partnership with Chengfang Financial Technology, a unit of the People’s Bank of China. The collaboration aims to tackle financial industry challenges through innovations in AI, cloud computing, and big data. The partners will enhance data processing, governance, and privacy technology in banking systems. This alliance strengthens OneConnect's role in China's digital banking landscape and supports its mission to advance financial services. Future projects will also explore privacy computing technologies, fostering growth in digital finance.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) was recognized as one of the World's Top Ten Fintech Companies in 2021 for Patent Quality, as announced by 01Caijing Research Institute. The company has filed 5,229 patent applications globally, with 3,929 in China, focusing on sectors like artificial intelligence and blockchain. OneConnect's advancements include an intelligent calling system that can handle over half a million calls monthly. The firm aims to enhance its R&D capabilities and quality of services while expanding its presence in international markets.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced it will not proceed with acquiring a majority stake in Shenzhen Vzoom Credit Technology Co., Ltd. due to the expiration of their Memorandum of Understanding. The decision follows a thorough analysis of circumstances surrounding the potential acquisition, initially disclosed on August 25, 2021. OneConnect focuses on providing technology-as-a-service solutions to financial institutions in China.

OneConnect Financial Technology Co. Ltd. (NYSE: OCFT) has launched Gamma Core, an advanced core banking system designed to support financial institutions in their digital transformation journeys. The innovative system emphasizes a customer-centric approach, enabling banks to tailor services for diverse client groups while reducing operating costs to RMB 1 per account. By leveraging intelligent technologies, Gamma Core minimizes human intervention in transactions to only 1 percent. The digital transformation market for Chinese financial institutions is projected to exceed RMB 400 billion by 2024, positioning OneConnect as a leader in FinTech.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) reported a 20.8% year-over-year revenue growth, reaching RMB 1,065 million for Q3 2021. Despite the growth, the gross margin declined to 35.5% from 42.7% in the prior year. The net loss attributable to shareholders increased to RMB 270 million, compared to RMB 243 million a year earlier, with a basic net loss per share of RMB 0.24. The company saw significant growth in its cloud services, now accounting for 28.5% of total revenue.

OneConnect Financial Technology Co. Ltd. (NYSE: OCFT) will hold its annual general meeting on December 20, 2021, at Ping An Financial Center in Shenzhen, China. No proposals will be presented for shareholder approval; the meeting will instead serve as an open forum for discussions regarding the Company's affairs.

The record date for shareholders entitled to attend is November 19, 2021. Shareholders can access the notice of the meeting and the Company’s annual report on their website and the SEC’s site.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced the completion of an internal investigation by its audit committee, which found no evidence supporting allegations made in an anonymous complaint from August 2021. The investigation, initiated shortly after the allegations were disclosed, confirmed the integrity of the Company’s operations. Chairman Wangchun Ye emphasized the Company's commitment to corporate governance and transparency. OneConnect continues to provide a technology-as-a-service platform to financial institutions, supporting their digital transformation efforts.

BAI has announced the finalists for the 11th Annual 2021 BAI Global Innovation Awards, recognizing groundbreaking solutions in the financial services industry. Categories include Innovation in Compliance and Risk Management, Consumer Product and Services, and Digital Transformation, with notable finalists like OneConnect Smart Technology Co., LTD from China featuring their Global Markets Digital Lab. Winners will be revealed in December 2021.